Venue: Committee Rooms - West Wing, Guildhall
Contact: Philippa Sewell
tel. no.: 020 7332 1426
Email: philippa.sewell@cityoflondon.gov.uk
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Apologies Minutes: Apologies were received from the Chairman Andrew McMurtrie, Alderman Robert Howard, Roger Chadwick, Clare James, Edward Lord, and Deputy Henry Pollard. |
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Members' Declarations under the Code of Conduct in respect of items on the agenda Minutes: Philip Woodhouse and Tom Hoffman declared non-pecuniary interests in Ruffer. |
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Minutes of the previous meeting PDF 179 KB To agree the public minutes and non-public summary of the meeting held on 30 June 2016. Minutes: RESOLVED - That the public minutes and non-public summary of the meeting held on 30 June 2016 be agreed as a correct record. |
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Outstanding Actions PDF 118 KB Report of the Town Clerk. Minutes: The Board received and discussed the list of Outstanding Actions, noting progress made and revised timescales. With regard to Brexit, Members agreed to carry this forward to the next meeting but that a regular update was not necessary.
RESOLVED – That the report be noted. |
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Risk Register for Bridge House Estates PDF 91 KB Report of the Chamberlain. Additional documents:
Minutes: The Board considered a report of the Chamberlain regarding key risks for Bridge House Estates. There were two risks identified as relating to the services overseen by the Financial Investment Board, which Members proceeded to review. In response to Members’ queries, officers advised they would be reviewing alternatives for investing cash reserves in the autumn. Officers further undertook to amend the first risk to highlight that whilst the Board can monitor the performance of the fund managers, the volatility of financial markets cannot necessarily be mitigated by the Board.
RESOLVED – That: a) it be confirmed that appropriate control measures are in place for the two risks currently on the register for the Financial Investment Board, relating to a potential reduction in income from non-property investments and cash balances; and b) it be confirmed that there are no other risks relating to the services overseen by the Financial Investment Board which should be added to the Bridge House Estates risk register. |
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Monthly Investment Analysis PDF 353 KB Report of the Chamberlain. Additional documents: Minutes: The Board received the monthly review for July 2016, which detailed the list of current investments. Members noted that interest rates were being cut, but rates in excess of 0.25% were still being achieved and the investment strategy could be reviewed if necessary.
RESOLVED – That the report be noted. |
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Questions on matters relating to the work of the Committee Minutes: There were no questions. |
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Any Other Business that the Chairman considers urgent Minutes: There was no other business. |
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Exclusion of the Public MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act. Minutes: RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of the Schedule 12A of the Local Government Act.
Item No. Paragraph(s) in Schedule 12A 10-15 3 16-17 - |
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Non-public minutes of the previous meeting To agree the non-public minutes of the meeting held on 30 June 2016. Minutes: RESOLVED – That, subject to one clarification, the non-public minutes of the meeting held on 30 June 2016 be agreed as a correct record. |
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UK Equity Transition: Post Trade Analysis To receive a report and presentation from BlackRock. Minutes: The Board received a report of BlackRock. |
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Transition Review Report of Aon Hewitt. Minutes: The Board received a report of Aon Hewitt. |
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Responsible Investment To receive a report and presentation from Mercer. Minutes: The Board received a report and presentation from Mercer. |
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Investment Performance Monitoring to 30 June 2016 Report of the Chamberlain. Minutes: The Board received a report of the Chamberlain regarding investment performance. |
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Quarterly Monitoring Report Report of Mercer. Minutes: The Board received a report of Mercer regarding investment performance. |
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Non-public questions on matters relating to the work of the Committee Minutes: There were no non-public questions. |
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Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded Minutes: There was no other business. |